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Abu Dhabi, UAESaturday 15 December 2018

Bahrain's Investcorp buys German technology company Softgarden

The transaction for an undisclosed sum is the fourth deal through Investcorp’s fourth technology fund

Investcorp is snapping up assets as it seeks to nearly double its assets under management to reach $50bn in the medium-term from $22.6bn at the end of June. Investcorp
Investcorp is snapping up assets as it seeks to nearly double its assets under management to reach $50bn in the medium-term from $22.6bn at the end of June. Investcorp

Investcorp, the Bahraini alternative investment firm, said on Monday its technology unit acquired Human Resources software provider Softgarden based in Berlin, for an undisclosed amount.

The transaction is the fourth deal from Investcorp’s fourth technology fund, the company said.

“Softgarden presents an attractive opportunity in the German-speaking region and a compelling end-to-end recruitment platform backed by a strong management team,” said Gilbert Kamieniecky, managing director overseeing Investcorp’s technology investments in Europe. “With our deep history of working with fast-growing, data-centric businesses, this investment is an excellent fit with our broader Technology Partners portfolio.”

Investcorp, in which Abu Dhabi strategic firm Mubadala Investment Company is the largest shareholder, has raised more than $1 billion in funding for technology investments.

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The closing of the deal is subject to customary anti-trust clearance. Investcorp Technology Partners acquired Softgarden from a shareholder group including Cipio Partners, Brandenburg Kapital, Neuhaus and the company’s founders Stefan Schüffler and Dominik Faber.

The Manama-based company is focusing on investments in Germany as part of its plans to expand in Europe. Investcorp has made a number of acquisitions in the country including Burocampus Wangen, an office campus in Stuttgart, the company’s first German real estate investment.

In May, Investcorp announced establishing a platform to enter the German dental care sector via its investments in Privatzahnarztklinik Schloss Schellenstein, and Acura Kliniken, a licensed hospital in Albstadt.

The company's investments through its fourth technology fund, so far, include: Calligo, a cloud solution platform; Ageras, an online marketplace matching small and medium-sized enterprises with professional service providers; and Impero, a provider of online student safety, classroom and network management software.

Investcorp, in which Mubadala has a 20 per cent stake, reported a 4 per cent year-on-year rise in its full-year 2018 profit boosted by realisation of investments in the United States and Europe, and a rise in fee income from assets under management.

The company’s portfolio of assets increased 6 per cent to $22.6bn in the period. Since its inception in 1982, Investcorp has made over 170 corporate investments in the US, Europe and the broader Middle East and North Africa region, including Turkey. The company has invested across a range of sectors including more than 450 commercial and residential real estate investments in the US, with transaction values exceeding $55bn.